ACT property values rise in November

Canberra is closing in on Sydney home prices as the gap between the two most expensive markets is slashed by more than half over the space of a month.

Home values in the capital increased by 1.3 per cent over November, according to the RP Data-Rismark Home Value Index issued on Monday.

The median price of a Canberran home was recorded as $538,000.

While Sydney is still the most expensive housing market of the capital cities, the gap between it and Canberra has closed from a difference of $40,000 in October to just $17,000.

House values in the capital increased by 1.4 per cent over the month, the largest increase of all capital cities alongside Darwin at 1.4 per cent. The median price of a house in the capital was recorded at $575,000, trailing Sydney at $630,000.

Apartment values also increased, jumping 0.3 per cent over the month. The median price of a Canberran unit now stands at $425,000, the fourth most expensive of the capital cities.

RP Data’s senior research analyst Cameron Kusher said the spring selling season always brought increased activity, although smaller markets like Canberra tended to see fluctuations in monthly results.

He said longer term trends showed a slight fall in the capital, as home values fell by 0.7 per cent over the quarter and remained unchanged year on year.

‘‘Obviously, the amount of stock on the market is higher,’’ he said.

‘‘Sales activity is also lower than it was this time last year.’’

Mr Kusher said a lack of confidence and job security fears in the public sector were also affecting the Canberra property market.

‘‘The federal government is gunning for a budget surplus, so there’s a bit of unease from people about whether they’ll keep their job,’’ he said.

House values in Canberra dropped 0.8 per cent over the quarter, while unit values increased by 0.8 per cent.